We assign a fundamental rating of 5 out of 10 to TPH. TPH was compared to 60 industry peers in the Household Durables industry. TPH has an excellent financial health rating, but there are some minor concerns on its profitability. TPH has a valuation in line with the averages, but it does not seem to be growing.

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1. Profitability

2. Health

3. Growth

4. Valuation

5. Dividend

1. Profitability

1.1 Basic Checks

In the past year TPH was profitable.
TPH had a positive operating cash flow in the past year.
In the past 5 years TPH has always been profitable.
In the past 5 years TPH always reported a positive cash flow from operatings.

1.2 Ratios

Looking at the Return On Assets, with a value of 6.22%, TPH is in line with its industry, outperforming 56.67% of the companies in the same industry.
TPH's Return On Equity of 9.39% is in line compared to the rest of the industry. TPH outperforms 50.00% of its industry peers.
TPH has a Return On Invested Capital of 6.45%. This is comparable to the rest of the industry: TPH outperforms 43.33% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for TPH is in line with the industry average of 9.71%.

		Industry Rank	Sector Rank
ROA	6.22%
ROE	9.39%
ROIC	6.45%

ROA(3y)9.52%

ROA(5y)9.28%

ROE(3y)15.16%

ROE(5y)15.46%

ROIC(3y)10.2%

ROIC(5y)10.07%

1.3 Margins

The Profit Margin of TPH (8.27%) is better than 71.67% of its industry peers.
TPH's Profit Margin has improved in the last couple of years.
TPH's Operating Margin of 10.40% is fine compared to the rest of the industry. TPH outperforms 66.67% of its industry peers.
In the last couple of years the Operating Margin of TPH has grown nicely.
TPH's Gross Margin of 22.20% is on the low side compared to the rest of the industry. TPH is outperformed by 68.33% of its industry peers.
TPH's Gross Margin has improved in the last couple of years.

		Industry Rank	Sector Rank
OM	10.4%
PM (TTM)	8.27%
GM	22.2%

OM growth 3Y-5.72%

OM growth 5Y7.18%

PM growth 3Y-4.72%

PM growth 5Y8.69%

GM growth 3Y-2.33%

GM growth 5Y2.47%

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), TPH is creating some value.
The number of shares outstanding for TPH has been reduced compared to 1 year ago.
Compared to 5 years ago, TPH has less shares outstanding
The debt/assets ratio for TPH has been reduced compared to a year ago.

2.2 Solvency

TPH has an Altman-Z score of 3.93. This indicates that TPH is financially healthy and has little risk of bankruptcy at the moment.
Looking at the Altman-Z score, with a value of 3.93, TPH is in the better half of the industry, outperforming 61.67% of the companies in the same industry.
The Debt to FCF ratio of TPH is 4.34, which is a neutral value as it means it would take TPH, 4.34 years of fcf income to pay off all of its debts.
The Debt to FCF ratio of TPH (4.34) is comparable to the rest of the industry.
TPH has a Debt/Equity ratio of 0.36. This is a healthy value indicating a solid balance between debt and equity.
TPH has a Debt to Equity ratio (0.36) which is comparable to the rest of the industry.

		Industry Rank	Sector Rank
Debt/Equity	0.36
Debt/FCF	4.34
Altman-Z	3.93

ROIC/WACC0.72

WACC9%

2.3 Liquidity

TPH has a Current Ratio of 9.02. This indicates that TPH is financially healthy and has no problem in meeting its short term obligations.
With an excellent Current ratio value of 9.02, TPH belongs to the best of the industry, outperforming 90.00% of the companies in the same industry.
TPH has a Quick Ratio of 1.99. This is a normal value and indicates that TPH is financially healthy and should not expect problems in meeting its short term obligations.
TPH has a Quick ratio of 1.99. This is amongst the best in the industry. TPH outperforms 85.00% of its industry peers.

		Industry Rank	Sector Rank
Current Ratio	9.02
Quick Ratio	1.99

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WACC

Debt/Equity

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Altman-Z score

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3. Growth

3.1 Past

TPH shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -29.67%.
TPH shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 26.86% yearly.
TPH shows a very negative growth in Revenue. In the last year, the Revenue has decreased by -16.60%.
TPH shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 7.82% yearly.

EPS 1Y (TTM)-29.67%

EPS 3Y5.7%

EPS 5Y26.86%

EPS Q2Q%-45.76%

Revenue 1Y (TTM)-16.6%

Revenue growth 3Y4.1%

Revenue growth 5Y7.82%

Sales Q2Q%-25.74%

3.2 Future

The Earnings Per Share is expected to decrease by -12.83% on average over the next years. This is quite bad
Based on estimates for the next years, TPH will show a decrease in Revenue. The Revenue will decrease by -8.56% on average per year.

EPS Next Y-41.4%

EPS Next 2Y-29.44%

EPS Next 3Y-12.83%

EPS Next 5YN/A

Revenue Next Year-23.15%

Revenue Next 2Y-16.48%

Revenue Next 3Y-8.56%

Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.

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4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 10.27, the valuation of TPH can be described as very reasonable.
Based on the Price/Earnings ratio, TPH is valued a bit cheaper than the industry average as 71.67% of the companies are valued more expensively.
TPH's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.30.
Based on the Price/Forward Earnings ratio of 14.48, the valuation of TPH can be described as correct.
TPH's Price/Forward Earnings ratio is in line with the industry average.
TPH is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 24.32, which is the current average of the S&P500 Index.

		Industry Rank	Sector Rank
PE	10.27
Fwd PE	14.48

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, TPH is valued a bit cheaper than 63.33% of the companies in the same industry.
80.00% of the companies in the same industry are more expensive than TPH, based on the Price/Free Cash Flow ratio.

		Industry Rank	Sector Rank
P/FCF	11.03
EV/EBITDA	8.04

4.3 Compensation for Growth

TPH has a very decent profitability rating, which may justify a higher PE ratio.
A cheap valuation may be justified as TPH's earnings are expected to decrease with -12.83% in the coming years.